Admittedly we've had a lot of stories about G------ S---- today, but it's summer and apart from the enormous Cuomo report, news is thin. Also, this is amusing interesting.
The Epicurean Dealmaker ran an interesting post yesterday noting that there's nothing particularly unusual about Goldman Sachs except 'the near psychotic intensity devoted to communication by voice mail and the rotation of bankers through different areas and positions.'
"When the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well. And when the banks did very poorly, they were bailed out by taxpayers and their employees were still paid well." (Reuters)
House to vote today on the horrible bonus bill. (CNBC)
Horrible bill may be rejected by Obama and the Senate. (Bloomberg)
Banks can use the Treasuries for repo collateral, get cash and then put that on deposit at the Fed where they now get paid interest on their excess reserves. It's a great scam. One that feeds lots of cash into the 2009 bonus pool. (Reuters)
Why fund management pay is unsustainable. (Paul Kedrosky)
Global head of emerging market securities at Deutsche moves to Goldman. (Bloomberg)
More hiring in Moscow. (Financial News)
Hardly anyone I've spoken to in the senior echelons of banking thinks that junking the FSA and making the Bank of England the all-powerful City regulator is the right approach. (Telegraph)